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Wednesday, October 29, 2014

Pandora More Than Doubles Local Advertising Revenue

10-23-14The Internet Pure-play reported Q3 revenue of $239.6 million on Thursday afternoon, which is an increase of 40% over the same three months in 2013. Mobile revenue increased 50% to $188 million and now makes up about 78% of Pandora's overall revenue. And the big number radio should be looking at was the local revenue number which is up 118% to $41.8 million. That's where Pandora directly targets radio's advertising dollars. Pandora also says it now has 9.06% of all radio listening in the United States. Pandora now has 109 local salespeople in 37 markets. An inside sales office addresses more than another 150 DMA's with more sales investment on the way. CFO Mike Herring said, "Our sales force is operating very well. Pricing has been very strong and we are hitting sell out points in certain markets as advertisers compete for prime positions.."

(10/24/2014 11:45:48 AM) Wonder how much of that is coming directly out of radio's pocket?